Summary:
Chowdeck raises $9M to expand its food delivery and quick commerce services in Nigeria and Ghana
Profitable since inception, the startup serves 1.5M customers with 20,000 riders and 30-minute avg. delivery times
Plans to launch 40 dark stores by 2024 and 500 by 2026, scaling grocery and essentials delivery
Acquired Mira to boost real-time inventory management and restaurant SaaS solutions
Outperforms global rivals like Glovo and Bolt Food by focusing on local market needs and sustainability
Chowdeck, a Lagos-based food delivery startup, has secured a $9 million Series A funding led by Novastar Ventures, with participation from Y Combinator and others. This investment fuels their ambition to become Africa's leading super app, expanding their quick commerce strategy across Nigeria and Ghana.
A Profitable Model in a Tough Market
Despite the challenges of the low-margin food delivery sector, Chowdeck has maintained profitability by focusing on local market expertise and efficient execution. Serving 1.5 million customers with a network of 20,000 riders, the company averages 30-minute deliveries, with over half in dense areas completed by bicycle.
Expansion and Innovation
The funding will accelerate:
- City expansions in Nigeria and Ghana
- Quick commerce rollout with 40 dark stores by year-end and 500 by 2026
- Grocery delivery scaling and talent acquisition
Strategic Acquisitions
Chowdeck recently acquired Mira, a point-of-sale provider, to enhance real-time inventory and order management, positioning itself as a vertical SaaS-plus-logistics leader for restaurants.
Competitive Edge
While global players like Glovo and Bolt Food exit African markets, Chowdeck leverages local insights and sustainable logistics to dominate. Their profitable growth and customer trust set them apart in a crowded but early-stage market.
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